Abstract: An article for maintaining the temperature of water housed in a bait tank. The article includes a first sheet or panel made of an insulating material configured for circumferentially enclosing the sides of the tank. Preferably, the panel is multi-layer and defines at least one opening for aligning with a port of the bait tank. Also preferably, the article includes a lid portion for insulating the top of the bait tank. Optionally, the panel can include at least one fishing rod holder for holding a fishing rod therein and at least one pocket for holding a cooling device such as a freezer pack.